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Prospects and Limits of Tourism-Led Growth: The International Evidence

Author

Listed:
  • Adamos Adamou

    (University of Cyprus, Cyprus)

  • Sofronis Clerides

    (University of Cyprus, Cyprus; The Rimini Centre for Economic Analysis (RCEA), Italy)

Abstract

We investigate the relationship between tourism specialization and economic growth. We deviate from previous studies - which have reported mixed evidence - by allowing the relationship to take a nonlinear form. We find that tourism specialization is associated with higher rates of economic growth at relatively low levels of specialization but eventually diminishing returns set in and tourism's contribution becomes minimal. The policy lesson is that there is promise for tourism-led growth in developing countries but other economic activities must also be developed in order to carry the economy forward once the potential of tourism-led growth has been exhausted.

Suggested Citation

  • Adamos Adamou & Sofronis Clerides, 2009. "Prospects and Limits of Tourism-Led Growth: The International Evidence," Working Paper series 41_09, Rimini Centre for Economic Analysis.
    • Handle: RePEc:rim:rimwps:41_09
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    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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